Ashwani Gujral of ashwanigujral.com advises buying Vedanta, HSIL and Brigade Enterprises.
Ashwani Gujral of ashwanigujral.com told CNBC-TV18, "One particular stock that comes to mind and that has broken down last 10-15 days is Coffee Day Enterprises. That has been declining for a while and today, has had a 6-7 percent move. Chances are, that has bottomed out. So we could see Rs 340-350 on Coffee Day, so that is probably a bit of a medium-term idea."
He further added, "Vedanta, for the moment is a buy with a stoploss of Rs 236, target of Rs 252. Brigade Enterprises is a buy with a stoploss of Rs 290, target of Rs 306. HSIL is a buy with a stoploss of Rs 387, target of Rs 410."
"A lot of erstwhile outperforming financials are doing poorly which include Indiabulls Housing Finance, LIC Housing Finance. So that way, it is a churn. Maybe Muthoot Finance needs to fall to about Rs 430-435 which is its 20-day moving average before it finds support. So the leadership is extremely poor other than Tata Consultancy Services (TCS), Reliance, etc. I do not think the market has much to move on in terms of broader market participation. So it remains a sideways move where once shorts get covered, there is where it will follow through."
Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
"Jindal Steel & Power is a stock which generally tends to have lots of long and short positions and whenever metals tends to pick up, this one tends to rise. But, overall it has had multiple bottoms around Rs 115. I think next target here could be Rs 135. Once we get out of Rs 135 then we start a move towards Rs 165-170. But Rs 135 seems to be a tough area to cross," he added.
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First Published on Jun 19, 2017 03:30 pm